National Mortgage News, Sept. 21, 2018–Kate Berry (subscription)The move will align the Consumer Financial Protection Bureau with other prudential regulators that already have a regional presence in Atlanta, including the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
Category: Top National News
Wells Fargo Plans to Cut Staffing Up to 10% in Three Years
Bloomberg, Sept. 20, 2018–Hannah LevittWells Fargo & Co. plans to trim its workforce by about 5 percent to 10 percent within the next three years as Chief Executive Officer Tim Sloan works to pull the bank clear of a series of customer-abuse scandals and prop up a lagging stock price.
What Beyoncé and These Billionaires Have in Common: Massive Mortgages
Wall Street Journal, Sept. 20, 2018-Katherine Clarke (subscription)Entertainers Beyoncé and Jay-Z and billionaire hedge-fund executive Ken Griffin have something in common: They are among a small but growing number of ultraluxury home buyers who are borrowing tens of millions of dollars for home purchases.
FHA Delinquency Tumbles, Endorsements Edge Up
Mortgage Daily, Sept. 20, 2018FHA reported a monthly up tick in new business, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.
Home Equity Seen as Go-To Source to Cover Household Bills
National Mortgage Professional, Sept. 19, 2018–Phil HallTapping into home equity to keep pace with regular household expenses is being viewed as an acceptable strategy by a growing number of homeowners, according to a new study from Bankrate.com.
Ellie Mae: Refis Just Went Positive for the First Time Since in 2018
HousingWire, Sept. 19, 2018–Jeremiah JensenAccording to Ellie Mae’s Origination Insight Report, the percentage of refinances closed went up for the first time in 2018 in August. By the end of August, refis closed increased from July’s rate of 29% to 32%.
Student Debt Crushes Homeownership Dreams
HousingWire, Sept. 19, 2018–Jessica GuerinStudent loan debt has racked up a collective $1.5 trillion bill for 44 million Americans, and it’s crushing homeownership dreams, according to a recent survey by NeighborWorks America.
Data Breach Bill is Really a Fight about Federal Preemption
American Banker, Sept. 19, 2018–Neil Haggerty (subscription)A legislative proposal to create a federal standard on how firms notify customers of a data breach is prompting new preemption concerns among consumer groups and state regulators.
CFPB is Still in the Fair Lending Business, Mulvaney Says
National Mortgage News, Sept. 18, 2018–Kate Berry (subscription)Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Monday that he wanted to set the record straight by reiterating that the agency is “still very much in the fair lending business.”
1st Mortgages Outstanding Nearing All-Time High
Mortgage Daily, Sept. 18, 2018Equifax said the nation’s latest book of first mortgages stands not far from the record established in 2008, when there were $9.04 trillion in first-lien loans in place.